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Obelisk: Sia’s Big Plan To Fight Big Miners

BTC Wires: The Bitcoin scene has always been mentioned along with mining and miners. The importance of mining in Bitcoin is crucial for the existence of the cryptocurrency. This method, which seemed absolute and irreplaceable, may finally have competition.

David Vorick, co-founder of the Sia Blockchain may have the correct way of dealing with mining and miners. The Sia co-founder recently launched Obelisk, a new chip manufacturing business.

Herein, Vorick intends to generate and develop proof-of-work algorithms for new cryptocurrencies. With this in mind, Vorick intends to offer his and his company’s services to various new cryptocurrency developers. This project will be called Launchpad.

His company, Obelisk, will help this new company offer its services to hire and develop a new proof-of-work algorithm for the company. All of this will be done in secret. And right before the launch of the new cryptocurrency, the company will hand over all the ASICs to whoever will distribute the currency.

Through this, Vorick intends to change the entire process of mining. He aims to make sure that too much of mining power does not lie with only one entity. With his idea, he aims to let the mining power be with small players.

ASICs hardware has been largely opposed, and there have issues regarding the working of the same. The main issue with this hardware is that the entry in the blockchain mining system is harder compared to other hardware and this a bit for expensive.

However, Vorick remains positive about Obelisk and Launchpad. He says that sooner or later we are going to end up with ASICs hardware, there is no question about it. Other than this, he points out that Ethereum’s and ZCash’s mining algorithms are using ASICs hardware, and these two were primarily considered as anti – ASICs hardware.

Obelisk and Launchpad intend to change how cryptocurrencies work, and miners might just have good competition.

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BTC Wires is an online digital media platform which provides information for the crypto and blockchain technology fraternity. As the demand for Cryptocurrency is riding high these days, it is our mandate to educate, inform and connect the readers and experts over the globeRead More

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BTC Wires is an independent media company. We try to provide content that is as accurate as possible. Any brands, companies or currencies mentioned in the news or our articles are as required and we are not official representatives of any such brand, company or currency.